In the ever-fascinating world of cryptocurrency, there’s always a new twist to keep things interesting. This time, it’s the Solana market that’s causing a stir, and not just any stir, but a good one. The token’s value has climbed a whopping 9%, reaching roughly $137. So, what’s causing this sudden surge? Well, it seems the moneyed folks, affectionately known as “whales,” are gobbling up huge amounts of Solana crypto.
Solana Whales: The Crypto World’s Big Fish
One major investor purchased 50,000 SOL, worth nearly $7 million, data from Lookonchain shows. There were other whales that staked 41,096 SOL, or $6.90 million. By reducing the amount of supply that is currently in use, these buying activity could help stabilize prices.
This type of whale appetite isn’t new for Solana. Historically, significant acquisitions have resulted in price spikes, and traders are anticipating that this trend will continue.
Whales are accumulating $SOL!
AHdUMw…qMnj withdrew 54,544 $SOL($7.46M) from #Binance 2 hours ago.
7i6FUR…kp5J withdrew 41,096 $SOL($6.96M) from #Binance 1 hour ago and staked it.
— Lookonchain (@lookonchain) February 28, 2025
Open interest in Solana futures has increased from $2.2 billion to $2.7 billion, indicating that players with leveraged holdings remain interested. The Relative Strength Index is approaching the overbought zone, as the Moving Average Convergence Divergence flashes a strong signal.
There are technical signs that support the upward trend. After going up to 68, the RSI is now close to the zone where prices are too high. Some traders may think it will go down if it breaks above the 70 mark.
The MACD indicates that the buying momentum remains robust. Traders frequently employ this to determine whether an asset has potential for further growth or if a reversal is imminent.
Historical Whale Accumulations And SOL Price Increases
Whale activity has historically been a significant factor in the price movement of Solana. SOL reached an all-time peak of $262 in November 2024 as a result of a $35 million purchase of the token by whales in a mere two days.
Since late October 2024, a single whale has amassed over 25k SOL, to the tune of almost $54 million. This contributed to Solana’s market capitalization surpassing $100 billion, making it as one of the most prominent altcoins in the market.
The Road Ahead For SOL
Solana’s short-term outlook is favorable, as whales continue to increase their holdings and open interest is increasing. Traders should keep a watchful eye out on indications of a potential correction as the RSI approaches overbought territory.
Currently, the bullish momentum is unabated, and as past trends indicate, whale accumulation could be pointing to more upside movement. Solana’s ability to sustain this trend is contingent upon the duration of the purchasing pressure and the influx of new investors.
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2025-03-02 05:12